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InterQuest - positive ( as expected) trading update: buy

By Tom Winnifrith & Steve Moore | Friday 9 January 2015

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Specialist IT recruitment group, InterQuest (ITQ) has updated that it expects a “slightly ahead of consensus” outturn for 2014 and that it considers it has “a strong and sustainable platform for continued growth in 2015”.

With “full year Net Fee Income expected to be circa £23.3 million”, house broker to the company, Charles Stanley, anticipates earnings per share in excess of 10p and notes a positive outlook with the company’s “focus on providing talent in high-growth markets where there remains significant demand, such as analytics, digital, web technologies and information security”.

The broker forecasts a near £1.5 million reduction in net debt (to £7.7 million) in the now current year and, with the shares having slipped below 100p since the termination of a formal sale process,  considers the shares “attractively valued… on a PE rating of 9x for 2015 and offering a yield of 2.8%”

We concur – and also consider that current 2015 forecasts could prove conservative given the clear current trading momentum. Therefore, despite still being comfortably ahead of the 88p offer price at which the shares were added to the Recovery portfolio 14 months ago on our Nifty Fifty website, ahead of a 10th March scheduled preliminary results announcement, we remain positive here. At up to 108p buy with a 150p target.

This article first appeared on the Nifty Fifty website run by Lucian Miers, Tom Winnifrith & Steve Moore.  To sign up for immediate access NOW to the full archive and to the next  share tip from Tom Winnifrith and Steve Moore ( OUT Monday January 12) and for more from Lucian Miers - next article imminent - go HERE

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